The Swedish retailer IKEA plans to sell its plants in Russia. Earlier, IKEA has paused operations of its stores and three woodworking factories in Russia.
Bankruptcy
The leading asset management company in Lithuania INVL Asset Management has closed its first managed fund that invested in forests INVL Baltic Forests Fund I, which earned investors an average annual return of 27.3%.
The reduction in export volumes due to sanctions against the backdrop of rising transportation tariffs and the strengthening ruble made the production of lumber unprofitable.
After the start of the war, Siemens put all new business in and international deliveries to Russia and Belarus on hold. The comprehensive international sanctions, as well as current and potential countermeasures, impact the company’s business activities in Russia, particularly rail service and maintenance.
The decision to cease operations was the result of severe supply chain disruptions and raw material sourcing challenges over the past two years, combined with balancing the pace of price increases that were passed along to customers.
WestRock Company will permanently cease operations at its mill in Panama City, Florida, by June 6, 2022. The Panama City mill employs approximately 450 people. Employees of the Panama City mill will receive severance and outplacement assistance in accordance with Company policy and labor union agreements.
Lunawood has decided to permanently discontinue thermowood production in Hammaslahti, Finland. Lunawood’s production capacity is 160,000 m3 after the closure of the Hammaslahti production unit.
Georgia-Pacific plans to close the Green Bay Day Street facility over the next 18 months. This decision does not affect Georgia-Pacific's other operations in Green Bay, Wisconsin. This decision will impact approximately 190 jobs at the mill.